Italian yachtbuilder Sanlorenzo confirms the success of its public offer for up to 35% of the company’s share capital

Following IBI’s update on Sanlorenzo’s IPO yesterday, the Italian builder confirmed today that its public flotation will proceed at €16 per share, with trading scheduled to begin on 10 December.

Massimo Perotti, Sanlorenzo CEO and chairman

Massimo Perotti, Sanlorenzo CEO and chairman

Sanlorenzo reiterated a “successful conclusion” of the Offer Period for up to 35% of the company’s ordinary shares with a resulting capitalisation of €552m, including a €72m increase of capital. That would mean Executive Chairman Massimo Perotti remains majority shareholder with control of approximately 60% of the Group’s shares via Holding Happy Life Srl.

According to the company statement, the offering enjoyed strong interest among investors, with approximately two-thirds of demand coming from international investors and a third from Italian investors.

The start of trading on Tuesday is subject to final verification by Italy’s stock exchange, Borsa Italiana.

Sanlorenzo is a global leader in luxury motoryachts ranging from 24m-68m, as well as the new Bluegame range of sports utility yachts between 13m-21m.  The builder posted revenues (for new yachts) of €327m in 2018 and is forecasting 2019 yacht revenues of €430m - €456m.